Account holders of the New India Co-operative Bank woke up to a rude shock on Friday morning, after the Reserve Bank of India’s bar on withdrawal of funds came into effect. The order was issued on Thursday evening, since the
Anticipating US action on tariffs, India seems to have made the first move by revamping its tariff structure by reducing the slabs to eight rates, points out Mukesh Butani. IMAGE: Union Finance Minister Nirmala Sitharaman addresses a press conference, New
Finance Minister Nirmala Sitharaman on Monday clarified in the Lok Sabha that India’s rising gold reserves, including those held by the Reserve Bank of India (RBI), is not intended to replace any international currency. Photograph: Arnd Wiegmann/Reuters She responded to
Reserve Bank Governor Sanjay Malhotra on Friday said the exchange rate policy has remained consistent over the years and the central bank does not target any ‘specific level or band’ of the rupee, which slipped to an all-time low of
The repo rate cut by 25 basis points by the monetary policy committee (MPC) of RBI announced Friday will give a long-awaited relief on interest rates and also be supportive of economic growth, according to experts. Photograph: Francis Mascarenhas/Reuters Repo
Finance Minister Nirmala Sitharaman on Saturday said she is likely to introduce the new income tax bill, which will replace the six-decade-old I-T Act, in the Lok Sabha in the coming week. Photograph: ANI Photo After introduction in the Upper
Reserve Bank Governor Sanjay Malhotra on Saturday said that the market forces decide the value of rupee with respect to the US dollar and the central bank is not worried about day-to-day movement of the currency value. Photograph: ANI Photo
India’s forex reserves rose $1.05 billion to $630.61 billion for the week ended January 31, the RBI said on Friday. Photograph: Lee Jae-Won/Reuters In the previous reporting week, the overall reserves had increased by $5.57 billion to $629.56 billion. This
The RBI is likely to reduce the key interest rate by 25 basis points this week after keeping it on hold for two years, complementing the Union Budget initiatives to push consumption-led demand, though the sliding rupee continues to be
